William Blair initiated coverage of Owlet (OWLT) with an Outperform rating. The firm says Owlet is a pediatric health platform providing parents with insights into their baby’s well-being. Blair cites the company’s core business growth prospects and “promising” new products and channels for the Outperform rating. Despite the shares rising 207% year-to-date, there is further upside as the company’s revenue growth is projected at over 20% in the coming years, the analyst tells investors in a research note. The firm adds that comparable peers with this profile trade at 5.5-times forward sales, versus Owlet trading at 3-times.
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